The future of Mud Island’s redevelopment for the 21st Century now centers on two proposals.

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MEMPHIS, Tenn. -- If Mud Island River Park is the front door to Downtown Memphis, some say it's long overdue in getting a make over.

Russell Carter owns the Movie and Pizza Company in nearby Harbor Town.

He'd like to see major changes at Mud Island to attract more visitors to the downtown area.

"It really needs a 2016 update. Right now it still like we are 34 year ago," Carter said.

Mud Island is described as one of the most underused, and underdeveloped pieces of prime real estate in Memphis.

It now houses an outdated amphitheater, museum, river walk and restaurants.

But now we know what the updated plans for Mud Island look like to bring it into the 21st Century.

Benny Lendermon is president of the Riverfront Development Corporation, which oversees properties such as Mud Island and Beale Street Landing.

"Both proposals are very different and I don't know what action the committee will take," Lendermon said.

The Riverfront Development Corporation's Redevelopment Selection Committee is considering two plans it believes could drastically change Mud Island.

Mansion Entertainment and Media Center out of Branson, Missouri wants to invest about $4 million on upgrades mostly to the 1980s inspired amphitheater.

"They plan to basically come in and spend some significant dollars and bring the amphitheater up to today's standards, and use their expertise that they have acquired in Branson and other places to bring in a large number of acts," Lendermon said.

The other proposal calls for adding amenities such as a water park and aerial tour.

RVC Outdoor Destinations, owned by Memphian Andy Cates, would investment $10 million on park improvements.

"His is inclusive of the total island. It's primarily focused on the outdoor experience and includes a water park, incorporating an amphitheater and keeping the museum in a refurbished manner and adding some zip lines and outdoor lodging," Lendermon said.

But will either plan be enough to breath new life into this 34 year old park?

It's a park many say has to be developed the right way to attract visitors and Memphians.

Memphis City Councilman Berlin Boyd's district includes downtown and Mud Island.

He admits he hasn't seen the final version of both plans, but he said he's not completely sold on what he's read about.

"Right now I'm not thrilled or excited cause I feel it's a paint up, fix up , patch up and market. I want to see something great. I want to see Memphis mentioned, the Mud Island... whatever you rename... it is the place to visit. That's what I'm hoping for," Boyd said.

In a prepared statement, Kevin Kane, the president of the Memphis Convention and Visitors Bureau and chairman of the RDC Redevelopment Select Committee said both proposals are particularly strong.

In the meantime, the RDC wants to find a developer with the right idea and deep pockets.

They want to find one who's not asking for a hefty handout from taxpayers.

"The money has to be there and the product has to be right for Memphis, and you're only going to have one more opportunity to develop this piece of property and we don't want to screw it up." Lendermon said.

All of this as city leaders and business owners like Russell Carter hope to see the revival of one of the most spectacular pieces of property and turn it into a shiny crown jewel with a positive reflection on Memphis.

"You need to get these presentations and be open to Memphis not just politicians and let us have a voice in this so when it's done you say 'that's Mud Island! Hey, I'm gonna go to Mud Island this weekend,'" Carter said.

The RDC Redevelopment Committee is scheduled to meet Monday to make its recommendation.

The final plan would still have to be approved by Mayor Jim Strickland and the Memphis City Council.

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